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  • Business - Market Data
  • Updated: April 21, 2020

FBN Holdings Records N159.7bn Gross Earnings In Q1 2020

FBN Holdings Records N159.7bn Gross Earnings In Q1 2020

 

FBN Holdings Plc. on Monday recorded N159.7 billion as its gross earnings for three months which ended March 31, 2020.

According to the bank's audited report, disclosed by the Nigerian Stock Exchange (NSE), the gross earnings represented a growth of 14.5% to N139.4 billion achieved in the corresponding period of 2019.
 
Similarly, the Profit Before Tax(PBT) was N28.7 billion against N17.8 billion in March 2019 while the Profit After Tax(PAT) stood at ₦25.7 billion against N15.8 billion in the comparative period, indicating an increase of 62.7%.

Its net interest income was down by 15.9% to ₦60.3 billion compared with ₦71.7 billion in 2019 while the Non-interest income grew by 88.9% to ₦49.7 billion against N26.3 billion in 2019.

Commenting on the results, Mr. Urum Kalu, FBN Holdings Group Managing Director, said, “The current situation demonstrates the importance of the deployment of appropriate technology and effectively validates our recent investment in enhancing our capacity in technological innovation and digitization of our products and services.

“We are currently assessing the impact of the COVID-19 pandemic on our business and will update the market as soon as we are able to give guidance for the rest of the year.

“As a group, we are progressing with our business continuity plans and all hands are on deck to ensure the safety of our employees and service to our customers with minimal disruption.

“We are united with our government, industry and the wider society in our resolve to flatten the curve of COVID-19 and limit the damage caused by the pandemic,” Eke said.

Also speaking on the results, Dr. Adesola Adeduntan, FirstBank Chief Executive Officer, said, “We are pleased with the performance of the commercial banking group in the first quarter of 2020, with gross earnings up 15.6% and PBT up 54.8% year-on-year respectively.

“We have also seen further improvements in our NPL and Cost-to-Income ratios and are now a stronger and more resilient institution, with a significantly enhanced risk management architecture,” she said.

“Adeduntan said that as the organization began execution of the early phase of the new 2020 – 2022 strategic plan, it was aware of unprecedented times.

“However, I am confident that we are well-equipped to handle the headwinds.

“We have invested heavily in the last three years to establish our digital banking footprint with a network of over 53,000 agents across Nigeria as well as over 13 million customers actively transacting on our digital platforms (FirstMobile and USSD).

“We have built the capacity to continue to offer gold standard services to our customers while safeguarding our staff through the pandemic,”

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